Blockchain.com, the largest Bitcoin wallet in the world, launched its first cryptocurrency exchange called the PIT. According to an announcement made by the Blockchain.com’s head of retail products, Nicole Sherrod, the crypto exchange of Blockchain.com can connect to other wallets and allow users to transfer their cryptocurrencies to and from one another instantly. The registration for the PIT began on July 27, 2019.
In an interview that Nicole Sherrod had with the crypto news website CoinDesk, she said that the PIT could surpass all its competitors in the field of cryptocurrency exchange. The reason Nicole Sherrod believes this to be true is that the crypto exchange of Blockchain.com, the PIT, has an exchange engine that is based in the London’s Equinix LD4 data center. Also, she stated that with more than 40 million wallets that have been created, the chances are very good for the PIT to surpass all its competitors in future.
Nicole Sherrod further added that the exchange engine of the PIT has a similar mechanism to that of what they use in the Wall Street, which is actually correct, since Tom Haller, who was previously chief software architect for trading systems at the New York Stock Exchange, helped with the development of the PIT’s exchange engine.
Sherrod also added that this exchange will measure the speed of exchanges and transfers in microseconds. Industry experts believe that this is a very ambitious goal for the new crypto exchange of the Blockchain.com. They say that determining such things is only approximate in theory, and that it can only be seen for real in real-world trading.
Nicole Sherrod further added that the aim of the PIT is to create a different customer experience. And Blockchain.com is really looking into making that a reality. Since, their customer support team for the PIT is the second largest division of the company.
Many other big names in the crypto exchange industry today also began their path with small steps. Coinbase, which is the most iconic exchange at Silicon Valley, was also a wallet provider before pivoting its business toward being a crypto exchange.
It seems that we just have to wait and see how the PIT works out in the real world of trading.
Monday, August 5, 2019 7:37:00 AM